Adams Diversified Equity Fund, Inc. (NYSE:ADX) announces a share repurchase program. Under the program, the company will repurchase up to 12,405,174 shares, representing 10% of its issued share capital. The shares will be repurchased at a price of 98% of NAV per share as of August 2, 2024.

The purpose of the program is to provide liquidity at a predetermined price to shareholders seeking to rebalance their portfolios and the opportunity to tender stock at a price that is closer to the underlying portfolio value. The shares acquired pursuant to the offer will thereafter constitute authorized but unissued shares. The funds for the offer will first be obtained from any cash on hand and then from the proceeds of sales of securities in the fund?s investment portfolio.

If more shares are tendered than the amount of the offer and not withdrawn prior to the termination date, the fund will purchase a number of shares equal to the amount of the offer on a pro rata basis, based on the number of shares properly tendered and not withdrawn by each shareholder. The program is valid till August 2, 2024. As of July 5, 2024, the company has 124,051,735 shares issued and outstanding.